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Purchasing A Short Sale Home
By Vic Hurlstorm | August 12, 2010
Today we did want to cover some critical things about purchasing a short sale and how to go about that course. If you are buying a short sale you might want to do a little exploration or have your agent do it for you. We would enthusiastically recommend getting a real estate agent to deal with it. They will possibly know a little bit about the short sale practice and be able to act for your best interest.
Most people want to purchase a short sale because they tend to be better priced houses. The regular residence for sale appears overpriced because they aren’t selling in this market. In a market where house values went down by as much as 40%, there are just certain homes that sell nicely. Short sales are those houses.
There are about five questions that you should inquire the listing broker. First, you should ask how many short sales they have closed because they will have a better idea how to close a short sale. The listing agent has to have the persistence to get through the lender red tape. Experience in closing short sales is more vital than a short sale designation. After that, ask if the seller has given the listing broker the full packet. You do not want to put an offer on a short sale that doesn’t have a hardship.
Third, you may want to inquire how behind schedule are the sellers. If the seller has been in default for quite a few months, the lender will be more provoked to sell. Also, you might want to inquire who the investor is. Some investors produce more hassles than others. Your buyers agent can aid you through the program. You may also want to be familiar with who the servicer is. The servicer isn’t very essential but it is another piece of information that you should think about gathering.
Get more help from short sale Realtors, Josh and Sarah, at Short Sale Shift presented by the Short Sale Specialists of Minnesota
Topics: Foreclosures | Comments Off
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